The board of directors of Wang On Group Limited informed the shareholders and potential investors of the Company that based on the preliminary review of the draft unaudited consolidated management accounts of the Group for the year ended 31 March 2024 and the information currently available to the Board, the Group expects to record a loss attributable to owners of the parent for the year ended 31 March 2024 of not more than HKD 850.0 million, as compared to a profit attributable to owners of the parent for the year ended 31 March 2023 of approximately HKD 12.8 million. This was primarily attributable to (i) the continuous downturn in the real estate market of Hong Kong which resulted in a substantial write-down of properties under development held by the Group to their net realisable values, (ii) decrease in sales and delivery of completed residential projects which resulted in a substantial decrease in the Group's consolidated revenue, (iii) increase in fair value losses on investment properties, (iv) increase in impairment losses on property, plant and equipment, (v) increase in realised losses on disposal of debt instruments, and (vi) increase in finance costs arising from interest rates increment, for the year ended 31 March 2024.